Under what conditions does it pay to be sustainable? Sources of heterogeneity in corporate sustainability impacts

摘要

Empirical evidence on the effect of adopting corporate sustainability (CS) practices on a firm's financial performance has been mixed. Using panel data from 463 US firms, we employ propensity score matching (PSM), Difference-in-Differences (DID), and Quantile DID to examine the extent to which a firm's size, CS adoption intensity, and industry sector affected its financial performance from 2000 to 2012. Our findings suggest CS adoption had heterogeneous effects on corporate financial performance. (C) 2017 Elsevier B.V. All rights reserved.